SAN ANTONIO — StorageMart, a Missouri-based owner-operator, has purchased a former Life Storage facility in San Antonio that spans 99,833 net rentable square feet across 877 units. The new ownership plans to implement a value-add program that will include the installation of an upgraded security system. StorageMart, which currently operates four self-storage facilities in the San Antonio area, will also turn management of the property over to its in-house team. The seller and sales price were not disclosed.
DALLAS — Greysteel has brokered the sale of Greens of Hickory Trail, a 250-unit apartment community in South Dallas. Built in 2000, the property offers two- and three-bedroom units with an average size of 1,200 square feet. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas, playground and a basketball court. Doug Banerjee, Jack Stone and Andrew Mueller of Greysteel represented the seller in the transaction. Daniel Hartnett and Fisher Wells, also with Greysteel, arranged acquisition financing on behalf of the buyer. Both parties involved in the deal requested anonymity.
SAN ANTONIO — Locally based development and investment firm The Lynd Group has acquired Esperanza Apartments, a 244-unit garden-style community in San Antonio, for $49 million. Built in 2020, Esperanza Apartments offers one-, two- and three-bedroom units that feature an average size of 954 square feet, as well as modern appliances, walk-in closets and outdoor balconies. The amenity package consists of a resort-style pool, clubhouse, fitness center, dog park, movie lawn and an outdoor sport court. Esperanza Apartments was 95 percent occupied at the time of sale. The seller was not disclosed.
HOUSTON — JLL has negotiated the sale of a portfolio of three industrial properties totaling 72,980 square feet in the Houston area. The properties are located in Houston, Spring and Deer Park and are fully net leased to Global Drilling Support, Forge Systems Inc. and Intertek USA. Trent Agnew and Charles Strauss of JLL represented the seller, Finial Group, in the transaction. Michael Johnson of JLL arranged an undisclosed amount of acquisition financing through First Community Credit Union on behalf of the buyer, Houston-based NDP Interests. The loan carried a 10-year term and a fixed interest rate.
By Tim Harris, vice president of multifamily development, Rosewood Property Co. San Antonio’s multifamily market is realizing its own potential. New nodes of development are emerging, and new projects are meeting pent-up demand for higher-quality renter experiences. Today, developers are building multifamily projects that they wouldn’t have considered five or 10 years ago. They’re no longer stuck in their comfort zones, afraid to venture into new submarkets. And they’re no longer worried that they won’t be rewarded with the rents necessary to provide differentiated properties with unit diversification, higher-end finishes and increased amenities. History, Affordability Historically, many institutional investors and national developers have overlooked San Antonio. Bigger and trendier Texas cities — Austin, Dallas-Fort Worth and Houston — have always overshadowed the Alamo City. That wasn’t always the case, though. In 1860, San Antonio was the largest city in the Lone Star State. It thrived as a center for the cattle industry until the 1930s, when its population fell behind that of Houston and Dallas, mostly because of the booming oil industry. Today, San Antonio’s metro area is the 25th-largest in the country with 2.6 million residents, according to Oxford Economics. Hispanics represent 55.1 percent of the population — the …
HOUSTON — Dallas-based Hunt Southwest will develop I-10 West Trade Center, a 1 million-square-foot speculative industrial project in West Houston. The cross-dock facility will be situated on a 68-acre site near the junction of Interstate 10 and Woods Road. Building features will include 40-foot clear heights, 206 dock-high doors, 190-foot truck court depths, an ESFR sprinkler system and parking for 330 trucks and 354 cars. Construction is scheduled to begin by the end of the month and to be complete by early 2023. CBRE will handle leasing of the property. The announcement follows Hunt Southwest’s execution of a full-building industrial lease with Walmart at the 1 million-square-foot Cedar Port Trade Center near Port Houston.
HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.
PFLUGERVILLE, TEXAS — Developer and operator Skybox Datacenters, in partnership with San Francisco-based industrial giant Prologis, will construct a 141,240-square-foot data center in the northern Austin suburb of Pflugerville. The facility, known as Skybox Austin I, will have the capacity to produce up to 30 megawatts of power. Construction is scheduled to begin in May, with delivery of the first data hall slated for March 2023.
IRVING, TEXAS — Canadian firm Hopewell Development LP has acquired 33 acres at 2451 S. Belt Line Road in Irving for the development of an industrial project. The square footage and prospective construction timeline for the project were not disclosed. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented Hopewell Development in its acquisition of the land.
HOUSTON — NAI Partners has arranged the sale of a 39,445-square-foot warehouse located at 5606 Harvey Wilson Drive in Houston’s Second Ward. According to LoopNet Inc., the property was originally built in 1955 and features 10- to 14-foot clear heights. Chris Kugle of NAI Partners represented the seller in the deal, and Steven O’Connor of PrinGroup Commercial represented the buyer. Both parties were limited liability companies.